The world of technology is forever advancing, which continues to make life more convenient. Imagine 15 years ago, being told that pretty soon, you’ll be able to do your weekly food shop, book a holiday, read the newspaper and order breakfast to your door, all in the space of one morning using your ‘mobile phone’. Incredible really.
Something else that is easier now than ever before, is getting to grips with your finances. Here, you can find the 5 key personal finances apps I think everyone should have for a healthier financial future.
The Clearscore app is a must have for you to keep a track of your credit score. Your credit score is vital in determining the types of financial products that are available to you, based on how trustworthy you are as a consumer. Clearscore not only provides you with a monthly updated credit score and report for free, but it also searches the market for financial products and orders them in your likelihood of acceptance within the app. This ranges from credit cards, personal loans and car finance, to monthly household bills. What separates Clearscore from other credit score agencies however, is it’s ‘coaching’ functionality within the app, which provides guidance and insights on how you as an individual can improve your credit score, based on your personal credit history. Keeping in touch with your credit score is a great way to improve your financial future, as you will naturally focus on achieving a higher score each month. Clearscore will give you the tools you need to do just that – I just can’t believe it’s free!
Curve is a multi-purpose debit/credit card which allows you to load all of your personal cards onto one via the brilliant Curve app. You simply download the Curve app, select which service you would prefer (you get discounts and cashback in certain retailers) and your Curve card is on its way to you in the post. Once you’ve received the card, load your existing credit/debit cards onto the app and tuck them away somewhere safe, as you won’t be needing them anymore. Remove the clutter from your life and have one card for all. Within the app, you simply select which card you would like to use for a particular purchase and use your Curve card to pay – it couldn’t be simpler. Curve also provide insights into your spending habits, which helps you keep on top of where your money’s going. The best thing about Curve however, is the ‘Go Back In Time’ function within the app, which allows you to reverse transactions and use an alternative card within the app. The Curve experience is so seamless, you will wonder how you were getting by without it.
Moneybox is the gateway app to investing. In fact, I would go so far as to say anyone who is thinking about exploring the stock market should download this app as their first port of call. The world of investing can seem like an incredibly complex and overwhelming one, with so much choice it is often impossible to know where to start. Moneybox makes it easy, giving you three ‘risk profiles’ to choose from and providing a straightforward investment strategy for cautious investors, adventurous investors and those in between. You then simply set up your weekly direct debit amount and let the app (and your investment portfolio) do the rest. Unlike most other investment apps, Moneybox allows you to set up your bank transactions to be rounded up to the nearest £ and they invest the difference. Over time, these little round-ups can compound to a very impressive return on top of your regular direct debit, without having any meaningful impact on your day to day finances. With a common-sense approach to investing out of your income, Moneybox is a winner for those looking to dip their toe in the water, as well as those with a little more experience.
4. Mortgage Calculator
This brilliant little app will be a huge help to those looking to join the property ladder and existing homeowners alike. Simply input the amount you are looking to borrow, along with the mortgage term and interest rate and let the app do the rest. It provides a detailed insight into your monthly payments, breaking them down into interest and capital alongside the total running balance. If you use the ‘Advanced Mortgage Calculator’ you can also see the impact of making extra payments. It is incredibly basic, but that’s the beauty of it.
5. Money Dashboard
This app is your one-stop shop for all your budgeting needs. You can add all your current accounts, savings accounts and credit cards onto the app to be held in one place. The app will then categorise and analyse your spending, so you can feel in control of your day to day finances. You can also set specific goals and targets within the app and keep track of your progress. The app is also quite aesthetically pleasing, with colourful charts and tables that are easy to understand. A great app for really getting to grips with your day to day finances and working towards your goals for the future.